THE CALIFORNIA COURT A CLASSIC 9-UNIT APARTMENT AND REDEVELOPMENT OPPORTUNITY 3600 CALIFORNIA AVE SW SEATTLE, WA
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1 THE CALIFORNIA COURT 3600 CALIFORNIA AVE SW SEATTLE, WA A CLASSIC 9-UNIT APARTMENT AND REDEVELOPMENT OPPORTUNITY FOR MORE INFORMATION: COLLIN HAGSTROM PRINCIPAL BROKER collin@ westlakeassociates.com CURRAN HAGSTROM PRINCIPAL BROKER curran@ westlakeassociates.com
2 OFFERING SUMMARY WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE CALIFORNIA COURT APARTMENTS FOR SALE. Situated on a prime 12,500 square foot corner lot on California Avenue SW at the epicenter of West Seattle s vibrant North Admiral District, the California Court presents investors with the rare opportunity to invest in a trophy asset with significant redevelopment and value-add potential. $ $ Price $2,950,000 $236 per Land SF A massing study provided by Neiman Taber Architects shows the potential to develop 13 townhomes with an average unit size of 1,172 square feet, as well as an alternative plan for a 14+ unit condo or apartment development with an average unit size of 826 square feet. A wealth of potential exists for an investor to capitalize on historically high demand for both single-family and multifamily housing in a fantastic West Seattle location. The existing 9 unit provides investors with immediate income to off-set holding costs prior to redevelopment. The classic, Anhalt-style 9 unit, with a garden courtyard setting, consists of spacious 1 bedroom, 1 bathroom units with private off-street entrances in both front and back of the property. Coved ceilings, arched doorways, and oak hardwood floors, and abundant light are charming characteristics which have resulted in a track record of long-term tenants. The current owner has intentionally kept 7 rent-ready units vacant upon turnover to allow the future purchaser the opportunity to quickly boost Net Operating Income with new tenants on market rate leases. 2 units remain occupied by tenants on a month-tomonth basis at rates well below comparable units in the neighborhood. 13 Unit Townhouse Site 14+ Unit Condo or Apartment Site SF Zoned LR3-RC 12,500 SF Corner Lot *Massing Study available upon request.
3 HIGHLIGHTS REDEVELOPMENT POTENTIAL ABOUNDS 13 Unit Townhome Site 14+ Unit Condo or Apartment Site 12,500 square foot corner lot LR3-RC Zoning 125 x 100 Potential View Units with Rooftop Deck CLASSIC EXISTING 9 UNIT WITH IMMEDIATE UPSIDE Anhalt-Style trophy building Ability to significantly increase NOI Cash Flow to off-set holding costs 6 Parking Garages UNMATCHED WEST SEATTLE LOCATION Short walk to The Junction 1.5 miles to Alki Beach 5.5 miles to Downtown CBD Easy Access to all areas of the city FUTURE LIGHT RAIL STATION 1 MILE AWAY 12 minutes to Downtown CBD Connects Residents all over the city
4 Queen Anne South Lake Union Seattle CBD Bellevue Alki Beach Water Taxi to Seattle CBD Port of Seattle
5
6 PROPERTY DETAILS LIST PRICE $2,950, 950, LOCATION INFORMATION Building Name California Court Apartments Street Address 3600 California Ave SW City, State, Zip Seattle, WA County/Township King Market West Seattle PROPERTY DETAILS Property Type Multifamily Property Subtype Low-Rise/Garden Zoning LR3-RC Lot Size 12,500 SF APN# PARKING & TRANSPORTATIONTION BUILDING INFORMATION Building Size 6,414 SF Number Of Floors 1 Year Built 1928 Approx. Net Rentable SF Framing 5,625 SF Wood Number Of Buildings 1 Parking Type Structure Number Of Spaces 6 UTILITIES & AMENITIES Central Heating Laundry Description Exterior Description Hot Water Common Brick Facade, Wood Framing
7 EXISTING 9-UNIT: PRO FORMA INCOME/EXPENSES # OF UNITS UNIT TYPE AVG SIZE PRO FORMA PSF 9 1 BD 1 BA 625 $1,595 $2.55 TOTAL AVG $14,355 $2.55 INCOME PRO FORMA Scheduled Rent Income $172,260 + Utility $9,180 + Parking $10,800 + Laundry / Miscellaneous $1,080 Scheduled Gross Income $193,320 - Vacancy & Cr Losses (3.00%) $5,800 Gross Income $187,520 EXPENSES PRO FORMA PER UNIT Real Estate Taxes $16,671 $1,852 Property Insurance $3,975 $441 Professional Management (5%) $9,376 $1,042 Common Cleaning / Landscaping $2,400 $266 Utilities $15,797 $1,755 Repairs & Maintenance $7,200 $800 Capital Reserves $2,250 $250 Total Operating Expenses $57,669 $6,408 Net Operating Income $129,851 $14,428 **Unit Sizes are approximate
8 AERIAL PHOTOS
9 California Court Apartments and Development Site LOCATION MAP
10 INTERIOR PHOTOS
11 INTERIOR PHOTOS
12 Sound Transit Light Rail (2030 completion) will take passengers from the Alaska Junction located 1 mile from California Court to downtown Seattle in 12 minutes FUTURE LIGHT RAIL
13 WEST SEATTLE WEST SEATTLE JUST MINUTES FROM DOWNTOWN SEATTLE, West Seattle is a wonderful local retreat for Seattle residents. West Seattle is comprised of two of the thirteen districts of Seattle, Delridge and Southwest, and encompasses all of Seattle west of the Duwamish River. Within its borders are neighborhoods of small well-kept homes, many with views. Alki Beach residents enjoy their stretch of waterfront. Much of the housing reflects the beach community atmosphere with old cottages, new condominiums, and elegant manors nestled above the bluffs. Alki Beach is a popular hot spot during the summer months with roller-bladers, walkers, and joggers clustering the sandy beaches of the shore. Many people flock to the area to fly kites, have picnics, and play in the water. West Seattle, Fauntleroy and Arbor Heights stretch to the south of Alki Beach, housing more than 50,000 residents. The Colman Pool is a wonderful saltwater summer swimming hole located in Lincoln park. Actually built along the shores of Elliot Bay, it is only open during the warmer months due to the coldwater temperatures. The High Point neighborhood located in the Delridge district is named because it contains the highest point in Seattle. At the intersection of 35th Avenue Southwest and Southwest Myrtle Street is 520 feet above sea level. Today High Point is one of Seattle s most diverse neighborhoods featuring housing affordable to many different income levels. 5 MILES DOWNTOWN SEATTLE WESTLAKE ASSOCIATES, INC.
14 PUGET SOUND SUMMARY PUGET SOUND Set in the beautiful Pacific Northwest, the greater Seattle area is a national center for manufacturing, technology, services, international trade and tourism. MAJOR EMPLOYERS Today some of the world s most recognizable Fortune 500 companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 Networks and Nintendo of America. According to the Puget Sound Business Journal, technology companies are leading the way in employment growth in the Seattle MSA. As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World Headquarters, located in Redmond is over 10 million square feet. largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington. Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by INTERNATIONAL TRADE Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle, which also operates the Seattle-Tacoma International Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest. PUGET SOUND LARGEST EMPLOYERS 80,000 42,000 40,000 JOINT BASE LEWIS-MCCHORD 56,000 25,000 20,000 The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center. The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world s largest aerospace company, second- RECREATION The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World s Fair. Seattle is home to a number of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team. 20,000 15,000 10,000 13,000
15 HAGSTROM TEAM Curran C. Hagstrom Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T curran@westlakeassociates.com Collin S. Hagstrom Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T collin@westlakeassociates.com Shortly after joining the company, Curran and Collin formed Westlake s first brother team, where they focus on representing buyers and sellers of core Seattle multi-family properties. With their straightforward approach and commitment to maximizing client returns, the Hagstroms quickly became top producers in the Seattle multi-family market. In 2017, they brokered over $130 million in multi-family sales, earning them the award as Westlake s Top Listing Broker for the third consecutive year. To better serve clients, the Hagstroms offer professional property management, where an individualized plan is devised for each property to streamline operations and maximize client returns. With a comprehensive marketing strategy and an emphasis on efficient communication, Curran and Collin are a dynamic team with a track record of helping clients achieve their long-term investment goals.
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